Preformed Line Products Announces Third Quarter And First Nine Months Of 2020 Results

MAYFIELD VILLAGE, Ohio, Oct. 30, 2020 /PRNewswire/ -- Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its third quarter and first nine months of 2020.

Net income for the quarter ended September 30, 2020 was $13.0 million, or $2.59 per diluted share, compared to $8.0 million, or $1.55 per diluted share, for the comparable period in 2019.

Net sales in the third quarter of 2020 increased 7% to $127.5 million, compared to $119.2 million in the third quarter of 2019.

Net income for the nine months ended September 30, 2020 was $27.1 million, or $5.43 per diluted share, compared to $17.7 million, or $3.48 per diluted share, for the comparable period in 2019.

Net sales increased 5% to $347.9 million for the first nine months of 2020 compared to $331.2 million in the first nine months of 2019.

Currency translation rates unfavorably impacted net sales by $3.7 million for the quarter and $15.0 million for the nine months ended September 30, 2020.  Currency had an unfavorable impact on net income of $.3 million for the quarter and $1.0 million for the first nine months of 2020.

Rob Ruhlman, Chairman and Chief Executive Officer, said, "The record quarterly net sales, net income and diluted earnings per share for the three months ended September 30, 2020 are a testament to the hard work and dedication of every employee at PLP.  COVID-19 has created new challenges for us to deal with as a company but also new opportunities.  Our number one priority continues to be the protection of our employees and their families through rigorous safety measures that we have put in place due to COVID-19.  The sacrifices made by our employees this year have enabled PLP to meet customer requirements in all regions, most notably the U.S. market.  One opportunity created by COVID-19 has been the increase in PLP-USA sales made possible by the significance of our uninterrupted U.S. based manufacturing facilities in Albemarle, North Carolina and Rogers, Arkansas.  Maintaining and growing our U.S. manufacturing footprint enables PLP to provide excellent customer service to our U.S. and export customer base.  The challenges brought on by COVID-19 may be with us for some time.  While the extent to which COVID-19 will impact our future operations is unknown, we will continue to focus on the safety and well-being of our employees, their families, our customers and our valued suppliers while continuing to provide the high quality products and services our customers appreciate."

Founded in 1947, Preformed Line Products is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for energy, communications, and broadband network companies.

Preformed's world headquarters are in Cleveland, Ohio, and the Company operates two domestic manufacturing centers located in Rogers, Arkansas, and Albemarle, North Carolina.  The Company serves its worldwide market through international operations in Argentina, Australia, Austria, Brazil, Canada, China, Colombia, Czech Republic, England, France, Indonesia, Malaysia, Mexico, New Zealand, Poland, Russia, South Africa, Spain, Thailand and Vietnam.

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's and management's beliefs and expectations concerning the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties which may cause results to differ materially from those set forth in those statements.  Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include the uncertainty in business conditions and economy due to COVID-19 including the severity and duration of business disruption caused by the pandemic, the strength of the economy and demand for the Company's products and the mix of products sold, the relative degree of competitive and customer price pressure on the Company's products, the cost, availability and quality of raw materials required for the manufacture of products, and the Company's ability to continue to develop proprietary technology and maintain high quality products and customer service to meet or exceed new industry performance standards and individual customer expectations, and other factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's 2019 Annual Report on Form 10-K filed with the SEC on March 6, 2020 and subsequent filings with the SEC.  The Annual Report on Form 10-K and the Company's other filings with the SEC can be found on the SEC's website at http://www.sec.gov.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

SOURCE Preformed Line Products Company